Executive Summary

Q2 FY2025 revenue rose 5% year over year to $2.24B, Total Segment EBITDA increased 20% to $478M, and diluted EPS was $0.38; EPS from continuing operations was $0.40 as Foxtel was classified as discontinued operations. EBITDA margin expanded to 21.4%, up from 16.1% in Q1 and 14.7% in Q4 FY2024 .
Record performance in core pillars: Dow Jones revenue reached $600M (+3% YoY), REA Group hit a record $343M (+17% YoY), and Book Publishing revenue grew 8% with audio up 13% .
Strategic simplification: agreement to sell Foxtel to DAZN for A$3.4B EV; News Corp to receive ~6% DAZN equity and one board seat. Semi-annual dividend declared at $0.10 per share .
Outlook: management expects Dow Jones growth to accelerate in the second half; flagged currency translation headwinds and a more challenging second half for News Media; continued reinvestment at Realtor.com in adjacencies (seller/new homes/rentals) .
Potential stock catalysts: portfolio simplification (Foxtel divestiture), accelerating B2B momentum at Dow Jones (Risk & Compliance and Energy), and improving margin profile across the enterprise .

What Went Well and What Went Wrong

What Went Well

REA Group delivered record quarterly revenue of $343M (+17% YoY), driven by price increases, depth penetration, and higher Australian listings; segment Digital Real Estate Services EBITDA rose 26% .
Dow Jones achieved record revenue ($600M) with B2B strength: Risk & Compliance +11% to $80M, Energy +10% to $68M; digital circulation ARPU improved sequentially and digital-only subscriptions rose 13% to >5.3M . Quote: “We expect year‑over‑year growth to increase in the second half of the year” .
Book Publishing revenue +8%; audio +13% (benefiting from Spotify partnership) and backlist 61% of consumer revenue; EBITDA +19% . Quote: “Digital sales increased 9%…Audio books grew 13% year over year” .

What Went Wrong

News Media revenue fell 2% YoY, pressured by lower print advertising and algorithm-driven traffic declines at some News UK mastheads; EBITDA gains came from cost actions, not topline .
Factiva customer dispute weighed on Dow Jones PIB growth (more than 300 bps adverse revenue impact), tempering otherwise strong B2B gains .
Move (Realtor.com): core real estate revenue essentially flat; average monthly unique users decreased 6% YoY to 62M and lead volume fell 2% amid high rates and affordability constraints .

Financial Results

Consolidated performance (chronological: Q4 FY2024 → Q1 FY2025 → Q2 FY2025)

Metric	Q4 FY2024	Q1 FY2025	Q2 FY2025
Revenue ($USD Billions)	$2.577	$2.577	$2.238
Diluted EPS ($USD)	$0.09	$0.21	$0.38 (Total); $0.40 Continuing Ops
Total Segment EBITDA ($USD Millions)	$380	$415	$478
EBITDA Margin %	14.7%	16.1%	21.4%

Q2 FY2025 vs prior periods and estimates

Metric	Q2 FY2024	Q2 FY2025	Change YoY	Prior Quarter (Q1 FY2025)	Change QoQ	Consensus (S&P Global)	Beat/Miss
Revenue ($USD Billions)	$2.135	$2.238	+5%	$2.577	-13%	Unavailable	N/A
Diluted EPS ($USD)	$0.27	$0.38	+$0.11	$0.21	+$0.17	Unavailable	N/A
Total Segment EBITDA ($USD Millions)	$400	$478	+20%	$415	+15%	Unavailable	N/A

Note: Wall Street consensus data from S&P Global was unavailable at time of retrieval due to data limitations; therefore, beat/miss vs estimates could not be determined.

Segment breakdown (Q2 FY2025 vs Q2 FY2024)

Segment	Revenue Q2 FY2024 ($MM)	Revenue Q2 FY2025 ($MM)	YoY %	Segment EBITDA Q2 FY2024 ($MM)	Segment EBITDA Q2 FY2025 ($MM)	YoY %
Dow Jones	$584	$600	+3%	$163	$174	+7%
Digital Real Estate Services	$419	$473	+13%	$147	$185	+26%
Book Publishing	$550	$595	+8%	$85	$101	+19%
News Media	$582	$570	-2%	$57	$74	+30%

KPIs

KPI	Q2 FY2024	Q2 FY2025	Notes
Dow Jones digital revenue share	78%	81%	Mix shift to digital
WSJ digital-only subs (000s)	3,528	3,787	+7% YoY
Total WSJ subs (000s)	4,052	4,225	+4% YoY
Total Dow Jones consumer subs (000s)	5,427	5,924	+9% YoY
Risk & Compliance revenue ($MM)	$72 (implied prior)	$80 (+11%)	B2B strength
Dow Jones Energy revenue ($MM)	$62 (implied prior)	$68 (+10%)	B2B strength
REA Group revenue ($MM)	$292	$343	+17%
Move avg monthly unique users (MM)	66 (implied prior year)	62 (-6%)	Macro headwind
Move lead volume	N/A	-2% YoY	Housing softness
Free cash flow (6M) ($MM)	$97	$121	+25%
Dividend per share ($USD)	$0.10 (prior semi-annual)	$0.10 declared	Payable Apr 9, 2025

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Dow Jones growth trajectory	2H FY2025	Improvement expected; step-up via pricing of promos	Management expects growth to accelerate in 2H; expenses modestly higher YoY due to B2B investment	Raised (qualitative)
Currency translation	2H FY2025	Not highlighted	Headwind expected given spot AUD/GBP vs USD	Introduced headwind
News Media outlook	2H FY2025	Cost savings underway; mixed ads	More challenging 2H; limited visibility; savings (DMG JV, lower Talk) continue	Cautioned
Realtor.com reinvestment	FY2025	Moderating reinvestment; focus on adjacencies	Rate of reinvestment modestly higher in 2H; focus on tech/content; adjacencies to grow	Raised reinvestment
Dividend	Pay date	$0.10 semi-annual (Oct 2024)	$0.10 semi-annual payable Apr 9, 2025	Maintained
Foxtel transaction	Close window	Strategic review (Q4 FY2024)	Sale to DAZN; expected close in 2H FY2025; loans repaid; ~6% DAZN stake	Executed transaction plan

Earnings Call Themes & Trends

Topic	Q4 FY2024 (Aug 2024)	Q1 FY2025 (Nov 2024)	Q2 FY2025 (Feb 2025)	Trend
AI/content licensing	Announced OpenAI deal; strategy to “woo vs sue”; legal steps vs aggregators	OpenAI revenues to be reflected; litigation against Perplexity; broader deals expected	Reinforced OpenAI partnership; legal action vs Perplexity; “content will be king”	Intensifying monetization and enforcement
Dow Jones B2B momentum	R&C +12%, Energy +14%; margin lift; subs growth	R&C +16% ($81M), Energy +11% ($68M); Factiva dispute impact	R&C +11% ($80M), Energy +10% ($68M); growth to accelerate 2H	Strong, with temporary Factiva headwind
Realtor.com adjacencies	New Homes/rentals partnership with Zillow; sell-side focus	Adjacencies 19% of revs; product enhancements (AI tools)	Adjacencies 20% of revs; reinvestment in 2H; users -6% YoY	Mix shift to adjacencies; core constrained
News Media cost actions	DMG print JV; Talk TV cost reduction; ad headwinds	Continued savings; digital subs growth; algorithm pressure	Savings drive EBITDA; ad conditions challenging; currency headwinds	Cost efficiency offsets topline pressure
Portfolio simplification	Foxtel strategic review underway	Active discussions; CFO transition set	Foxtel sale announced; loans repaid; DAZN equity	Executing simplification
Regulatory/legal	Critique of GAM; ad bias concerns	Legal actions (Perplexity); enforcement focus	Legal discovery anticipated; focus on IP protection	Continued legal advocacy

Management Commentary

Robert Thomson: “Revenues…grew 5 percent to $2.24 billion, net income from continuing operations surged 58 percent to $306 million and Total Segment EBITDA rose 20 percent to $478 million” .
Robert Thomson on AI: “We are providing priceless content for Generative AI…We are pleased with our partnership with OpenAI…we believe DeepSeek lacks the immediacy of trusted news and, ultimately, content will be king in the world of AI” .
CFO Lavanya Chandrashekar: “Margins improved by nearly 270 basis points to 21.4%. Three core pillars…collectively grew revenue…and segment EBITDA” .
On Foxtel sale: “Amounts outstanding under Foxtel’s shareholder loans…A$574 million…will be repaid in full in cash at closing…News Corp will receive a minority equity interest in DAZN of ~6%” .

Q&A Highlights

Dow Jones 2H acceleration: driven by phasing of discounted subs to standard pricing and strong B2B trends; seasonal additions support growth .
Factiva dispute: >300 bps revenue headwind to PIB in Q2; margins expected to see upside as cost discipline continues .
Use of Foxtel proceeds: company reiterated focus on shareholder returns (buybacks, dividend); prior year returned ~70% of available FCF via buyback .
Book Publishing: strong audio and backlist; growth to moderate in 2H due to frontlist phasing .
Currency headwinds: expected in 2H given spot FX; News Media outlook more challenging despite ongoing savings .

Estimates Context

S&P Global Wall Street consensus for Q2 FY2025 EPS, revenue, and EBITDA was unavailable at the time of retrieval due to data limitations. As a result, a definitive beat/miss assessment versus consensus cannot be provided.
Given reported margin expansion (21.4%) and management’s 2H acceleration commentary for Dow Jones, estimates for that segment’s revenue/EBITDA may trend higher, while FX headwinds and News Media caution could temper consolidated revisions .

Key Takeaways for Investors

Margin inflection: consolidated EBITDA margin expanded to 21.4% on strong core segments; sustained cost discipline supports durability .
Dow Jones B2B remains the growth engine; R&C and Energy growth plus pricing step‑ups underpin 2H acceleration; watch resolution of Factiva dispute .
Digital Real Estate strength anchored by REA; U.S. housing softness persists but adjacencies (seller/new homes/rentals) are gaining share at Realtor.com .
News Media execution: EBITDA improvement from structural cost actions amid ongoing ad/masthead algorithm pressures; 2H expected more challenging .
Portfolio simplification (Foxtel): de‑leveraging and equity stake in DAZN create optionality; closing in 2H FY2025 is a near‑term catalyst .
Capital returns: dividend maintained; management reiterated commitment to buybacks and returns as FCF improves .
Trading lens: near‑term catalysts include Foxtel close and evidence of Dow Jones 2H acceleration; monitor FX translation headwinds and News Media ad trends .

Additional Primary Sources Reviewed (Trend Analysis)

Q1 FY2025 press release and 8-K (record first quarter revenue and profitability; Dow Jones R&C +16%, Energy +11%; adjacencies at Realtor.com) .
Q4 FY2024 press release and 8-K (OpenAI agreement, strong REA/HarperCollins, Dow Jones B2B leadership; cost actions at News Media) .

Dividend/FCF details and segment reconciliations are fully cross‑referenced to the Q2 FY2025 earnings release and 8‑K exhibits .

NEWS CORP (NWSA)·Q2 2025 Earnings Summary